Lower development write-offs lift Graphisoft Park profits

MNB

Graphisoft Park, a listed company that owns and operates a business park in the north of the capital, had after-tax profit of EUR 2.18 million in Q1-Q3, up 24% from the corresponding period of 2015, mainly due to a decline in write-offs on buildings it demolished to make room for new structures, Hungarian news agency MTI reported.

Adjusted for the effect of the write-offs, Graphisoft Parkʼs profit edged up 3% to EUR 2.29 million. 

Graphisoft Park noted that it has started construction of a new string of office buildings with 12,000 square meters of floor space and an underground car park with 450 spaces. The buildings are expected to be delivered in Q1 2018.

Graphisoft Park said it is in "advanced negotiations" on a planned EUR 24 mln in financing for the development, which it expects to secure later in November.

Graphisoft Park confirmed its earlier guidance for 2016, putting revenues at EUR 9.5 mln and net profit at EUR 3.1 mln. It projects net profit of EUR 3.5 mln on revenues of EUR 10.6 mln for 2017.

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.